Research On The Impact Of Corporate Financialization On Investment Eficiency

The financialization of non-financial enterprises may not only promote the investment of enterprises in production or business,but also have a negative impact on enterprises,leading to non-financial enterprises’ daily production or operation.The actual investment scale in this respect deviates greatly from the optimal investment scale,which ultimately leads to inefficient investment.Based on this,this article mainly studies the impact of non-financial enterprises’ financialization investment behavior on enterprise investment efficiency from two aspects of market competition and financing constraints,and further explores whether the impact of financialization under different property rights and industry classifications There are certain differences.Based on the existing financial theory,this paper discusses the effect of non-financial enterprise financialization on enterprise investment efficiency.This paper proposes the following hypothesis: the effect of enterprise financialization on entity investment efficiency is non-linear.This article takes the annual data of China’s A-share listed companies from 2009 to 2018 as the research object.The results of the study show that:(1)The financialization of enterprises has a significant impact on investment efficiency,and there is a clear "U"-shaped characteristic.(2)Market competition and financing constraints have a significant adjustment effect on the investment inefficiency caused by the financialization of listed companies.Among them,market competition has played a significant role in alleviating the investment inefficiency caused by the financialization of enterprises,while financing constraints The results show that higher financing constraints will worsen the company’s investment efficiency.(3)The impact of corporate financialization on investment efficiency differs under different property rights and in different industries.In state-owned and non-state-owned listed companies,the impact of corporate financialization on the efficiency of physical investment is non-linear,but it has a greater impact on state-owned enterprises.There are obvious "U"-shaped features in listed manufacturing companies,but not in non-manufactured listed companies.In addition,in order to verify whether there is an endogenous problem between the financialization of the explanatory variables and the investment efficiency of the interpreted amount in this study,instrumental variables were used to perform the Hausman test.Robustness,this article made some adjustments to the selection of indicators to measure the degree of financialization.The two parts of the investment real estate and long-term equity investment in the formula for measuring the degree of financialization were removed from the formula and re-analyzed.,The conclusion of this article is more stable and reasonable.Empirical studies have shown that the impact of non-financial enterprises’ financialization behavior on entity investment efficiency shows a clear "U" shape,and an appropriate degree of financialization can provide appropriate financial support for the normal production and operation of enterprises.Based on the strong liquidity of financial assets and low adjustment and realization costs,when the company is short of funds,the company is free to choose whether to use the method of selling financial assets to alleviate its financial difficulties,reduce the burden of the company and the main business Reliance on external financing funds to better ensure the long-term development of the main business.However,excessive corporate financialization will lead to real enterprises increasingly relying on the financial market for investment gains,making the physical enterprises more and more divorced from productive operations,and ultimately harming the real economy and the healthy development of enterprises,leading to physical investment Produce serious investment inefficiency.To this end,the government should take targeted measures to take the initiative: First,to better play the role of the market and promote free competition in the industry.The second is to better ease the financing constraints of physical enterprises and provide targeted financial policies and financial support for the sustainable development and operation of enterprises.Take a multi-pronged approach and take multiple measures to further prevent the adverse impact of excessive financialization of enterprises on the investment of physical enterprises,so that the financialization of physical enterprises can better serve the industrial operation and production of enterprises,and thus improve and The role of optimizing the investment environment of physical enterprises,promoting production and operation,and investment efficiency of enterprises.